On Friday we informed that the last hope for the bulls is that it should stay above 5950!

The market got the required support around that level and the rebound is confirmed as long as the Nifty closes above 6020! In fact long before we informed that the Nifty would touch 5911 and rebound. This was informed to you when the market was trading above 6200 and Nifty touched 5937 on Monday.

Last week on all the days the market closed on red, except on Friday. During last week FIIs never missed the opportunity to buy Indian equity. Interestingly, while the FIIs remain bullish on the market DII used to off load as and when the market bounced. Using this information we have to conclude that the market may witness rally after a small sell off. One could continue stock specific activity and Nifty could surprise on the higher side as indicated earlier in our newsletter. Right now we expect the market to consolidate but as long as the Nifty remains above 5950 bulls can enjoy the party.

In the Friday newsletter we had given the link to post your views but the libnk was not working. We regret the inconvenience caused and the correct link to post your views is given below: Please use it to your advantage